Pension Changes

[Loki]

Hi, I'm not sure if I'm permitted to create a new thread or not so maybe I could ask for help here;

I recently left Tesco due to the restructure. I could've stayed but opted for Aldi. Anyway I, stupidly, ignored the pension/Savings plan. Originally I started my payments yo the original pension plan but continued to pay when it changed to the new plan. In total I was paying for less than two years. Am I entitled to claim back this money? I've recently been told it is possible. Cheers.

http://www.pensionsadvisoryservice.org.uk/about-pensions/pension-reform/short-service-refunds

"As of 1 October 2015, members of occupational defined contribution pension schemes will no longer be entitled to short-service refunds if they leave employment (or opt out) with less than two years qualifying service.

The change only applies to individuals who became members of an occupational pension scheme on or after 1 October 2015, or who re-joined an arrangement having already taken a refund or transferred out.

Those with less than 30 days service will still be able to request a short service refund of just their contributions."

[Neil23]

If I was to take back my contributions how would this be paid and also, from the experience of others, how long would I need to wait? I've phoned Tesco and they're no help. Cheers.

[Expressdude2016]

Hi Neil you only receive a refund if you cancel policy within first 30 days. After this any contributions are locked until you reach 55.  If you are 55 then you would be bets contacting legal and general. Remember its not Tesco who administer this scheme.

[Neil23]

I was informed over the phone that as I was contributing for less than two years I'd receive a refund. This is the old pension I'm talking about.

[Expressdude2016]

Ah ok I understand you should receive your money within around 8 weeks. Needs to go though pension then sent to payroll who then need to process tax and NI.

[CoffeeGate]

Does anybody know how to opt back out of the new pension scheme? I can't seem to find information anywhere on OurTesco or the actual Tesco Pension website.
Thanks in advance.

[Expressdude2016]

click on help and contact link at bottom of page on retirement savings page then theres tabs at top for opt out.

https://www.legalandgeneral.com/workplacebenefits/microsites/tesco/rsp/what-else-do-i-need-to-know/how-do-i-opt-out/

[CoffeeGate]

Thank you very much kind sir!

[pippa1]

Hi just got my new pension yearly statement, can anyone help I'm a bit confused.  If I was paying in to the old pension which is frozen and I've started to pay in to the new one, does that mean that I have two pensions with Tesco or one?

[silverBlade]

Two pensions, you can't combine them but if you leave the company you maybe able to transfer them into your new employer's scheme.

[Yorkshire dave]

Two pensions, you can't combine them but if you leave the company you maybe able to transfer them into your new employer's scheme.

Wrong!! U CAN put old one into new one although its not a good idea because old one was much better pension

[weebee]

got statement on new pension apparently an "award winning Tesco Retirement Saving Plan" well not going by my figures and a few of the colleagues in my store ,think I serious need to look at closing a c**p pension whether its award winning or not lol,anybody else disappointed at the figures they have?

[Hammer10]

Yes how will I live on 40pound a month.

[AlexM]

You can login online with legal & general to be able to see your pension & what funds the money is invested in. There are not many to choose from but you can change from the one the company automatically put you in.
It helps if you do a bit of research into personal pensions & how the funds work, so you know what you're doing.

I left the company last year (with only one years contributions into the new pension) & changed my funds soon after & the value has gone from £2900 to £3298 in 3 months. Maybe the default options/funds are not the best?

NB: if you do not understand investments & the risks involved, see a financial advisor for advice! Otherwise, make changes at your own risk - Fund values can go down as well as up!

[Yorkshire dave]

got statement on new pension apparently an "award winning Tesco Retirement Saving Plan" well not going by my figures and a few of the colleagues in my store ,think I serious need to look at closing a c**p pension whether its award winning or not lol,anybody else disappointed at the figures they have?

Yes very disappointed. Might take a look at lifetime is a due out next month

[Equalizer87]

got statement on new pension apparently an "award winning Tesco Retirement Saving Plan" well not going by my figures and a few of the colleagues in my store ,think I serious need to look at closing a c**p pension whether its award winning or not lol,anybody else disappointed at the figures they have?

My sister is in the same position, she looked at what she had already and what she would end up with at 65. Fair to say, she worked out taking  her current contributio, double it and store it in one her savings accounts would give her a far better reward over the same time. She would end up with almost trebling it.

[just curious]

Two pensions, you can't combine them but if you leave the company you maybe able to transfer them into your new employer's scheme.

Wrong!! U CAN put old one into new one although its not a good idea because old one was much better pension

Just wondering what other members opinions / views are of transferring any money out of the Tosco pension schemes ( regardless of scheme ) into there new employers work place pension scheme if they have left the company for new employment or been given redundancy and had to get another job ?

What would your opinions be transfer the money and run before Tosco pension schemes go the same way as Woolworth's , BHS , Comet etc or would you trust leaving the fund(s) in Tosco pension schemes and risk loosing the money should the company have financial difficulty what with the fines they are going to be paying for the fraudulent accounting scandal and the take over of Booker's cash and carry should it go through ?

As with any transfer of pension funds should you take that route there would be risk involved any way, other peoples thoughts and opinions would be appreciated and they would be views / opinions only not financial advice which would require a professional adviser.  Thank you .

[ZyDer]

I have suspected this for a while but L&G are definitely taking the Mick...

If you log on to their site and look at your pension transactions then you will see the transactions from this month. 3rd August management charge 4th August staff and company contributions.

3rd August values
Tesco Equity Fund   1,377.00
Tesco Corporate Bond Fund   1,133.40
Tesco Diversified Fund   1,285.50

4th August Values
Tesco Equity Fund   1,391.40
Tesco Corporate Bond Fund   1,139.70
Tesco Diversified Fund   1,313.40

When L&G are taking money out the fund values are low, when we are putting money in the fund values are high. Even though the management charges are very low, it does not look right.
I know fund values do fluctuate but rises of 1.0%, 0.6%, 2.2% over a single day - in their favour - yeah right.

Anyone know who I could complain about this to?

[AlexM]

I left tesco last year & transferred the 1 years worth of contributions in the new pension DC scheme to my new employer. Mainly cos all I could do with it at L&G was transfer it or change funds, & there's only 8 funds to choose from! So I moved it to where I have a much bigger & better choice of funds.
My 10 years worth of contributions into the old DB scheme I have left. I can't see Tesco going bust & even if they do it is protected by the Gov. If only move it if they gave me a stonkingly good CETV. Otherwise, it is still a really good pension to be in.

[optout]

@ZyDer

this page has some advice

http://www.which.co.uk/consumer-rights/advice/who-do-i-complain-to-about-my-pension-scheme

[JL]

Today I closed my Tesco pension and decided to pay my contributions into a private pension. No job is for life at Tosco now!

[Welsh-Hugh]

So you could pay in Tesco pension 7-5% and Tesco will match it. 15 % in total.
Now to get 15% in your private pension you have to put in 15% all by yourself.
🤔🤔🤔🤔🤔🤔🤔

[redders]

 

[arlo]

how do we access the info on our old pension ...how much its for ect

[his scots tie]

The Defined Benefit pension was far far better than the new Tosco Pension.You could be many thousands worse off with the pension we are in at moment.Another way of robbing the staff.